In April, Band Protocol joined forces with Cosmos & Agoric groups to host a digital hackathon on Gitcoin with the targets of revolutionizing blockchain interoperability via the brand new inter-blockchain communication (IBC) protocol.
The hackathon concluded efficiently as one of many largest blockchain hackathons of the 12 months with over 312 taking part hackers and 42 initiatives in-built simply three weeks’ time.
We need to thank everybody who participated within the hackathon and will likely be doing a function highlight for the Band Protocol winners on this article!
MeiChain is a blockchain constructed with Cosmos SDK utilizing IBC to facilitate $ATOM token switch from Cosmos Hub to the chain to create ‘MEI’ stablecoin tokens that are pegged to 1 US greenback, equally to DAI on Ethereum however native to the Cosmos ecosystem.
Utilizing Band Protocol oracles that ship ‘packets’ cross-chain utilizing the Cosmos-IBC relayers, Meichain is ready to faucet right into a dependable and correct value feed for ATOM/USD that sources knowledge on-demand to obtain real-time market knowledge in a seamless and frictionless method. That’s, every knowledge request is sourced on a case-by-case foundation, guaranteeing that the quoted charge is as shut because the honest market worth as attainable.
“The correctness and well timed provisioning of information is essential to the success of MeiChain and numerous different stablecoin protocols. Band Protocol’s end-to-end customizable oracle scripts serve the value feed from our specified off-chain trusted knowledge sources in a frictionless method that doesn’t compromise decentralization or safety. Working with the gifted and diligent Band crew has helped our crew full the primary working testnet model of MeiChain — we’re excited to work carefully with them sooner or later!”
Thara Malai, Co-Founding father of MeiChain
Meichain received 1st place within the Cross-Chain Hackathon. MeiChain is stay in a take a look at atmosphere that may be accessed via the CDP web site the place customers can lock ATOM, borrow MEI, return MEI, unlock ATOM, and liquidate the low collateral ratio CDP.
They’ve acquired a number of suggestions from customers throughout and after the Cross-Chain hackathon which is extraordinarily precious for his or her crew to enhance the product and analysis actual use-cases earlier than MeiChain launches to the mainnet very shortly.